Hurricanes, earthquakes estimated to cost insurers US$95 billion: Swiss Re

The reinsurer estimates its own payout at US$3.6 billion

Hurricanes Harvey, Irma and Maria, as well as two recent earthquakes in Mexico likely cost the insurance industry about $95 billion, said Swiss Re, one of the world’s biggest reinsurers.

The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, said Friday that the claims process is ongoing and estimates could evolve.

Related: Companies increasingly want cover for intangible assets, earnings: Swiss Re

Swiss Re expects its own payouts linked to the natural disasters will be about $3.6 billion, including $175 million for the Mexico earthquakes alone.

A company statement didn’t break down the costs by hurricane. In an email, Swiss Re’s vice-president for communications, Willy-Andreas Heckmann, said the company would provide further details with its third-quarter results report next week.

CEO Christian Mumenthaler called the catastrophes “extremely powerful” and said Swiss Re “can support our clients when they need us most.”

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Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.